Hi all – its my 3rd Post
!We’ve recently set up a family trust (cause out accountant told it was a good idea
)We purchased a block of land about 18 months ago, however had foolishly done so in our personal names as opposed to the trust – just been doing a heap a reading on the benefits of trusts!.
Now as we intend to eventually settle with our family and dream home on this land, we are interested to know that is it worthwhile transferring the title of the land into the name of our trust, whereby we would eventually rent the home built on the land back to ourselves.
My key question is that are all expenses incurred on the land (mortgages, rates, etc) deductable (when of course in the trust format) even when there is no house built on it?
Thanks – looking forward to some responses.
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